Principles of Corporate Insolvency Law
# Principles of Corporate Insolvency Law

Principles of Corporate Insolvency Law (3rd edn Thomson, London 2005) by Roy Goode of the University of Oxford is a leading textbook on UK insolvency law. The forthcoming edition in 2010 will be taken over by Professor Robert Stevens, of University College London.

## Outline of principles

Professor Goode's suggested ten principles of corporate insolvency law are as follows.

* corporate insolvency law recognises rights accrued under the general law prior to liquidation
* only the assets of the debtor company are available for its creditors
* security interests and other real rights created prior to the insolvency proceeding are unaffected by the winding up
* the liquidator takes the assets subject to all limitations and defences
* the pursuit of personal rights against the company is converted into a right to prove for a dividend in the liquidation
* on liquidation the company ceases to be the beneficial owner of its assets
* no creditor has any interest in specie in the company's assets or realisations
* liquidations accelerates creditors' rights to payment
* unsecured creditors rank pari passu
* members of a company are not as such liable for its debts
